Purdue University has some 40,451 students on campus, fall semester of 2016 setting the record for its largest enrollment. Officials say Purdue’s growing reputation for excellence with affordability, in addition to the high return on investment from a Purdue degree can be credited for some of the increase.
Nelson Brothers believes the off-campus student housing market surrounding Purdue is currently strong. The current market which includes 11 comparable properties (excluding the portfolio properties), had a collective occupancy of 94.07% for 2015-2016 vs. Grant Street Station and South Street Station having a collective occupancy of 98.90%. Of the 11 comparable properties, only two properties are considered Class A like Grant and South Street Station – the remainder are Class B.
Nelson Brothers believes a flagship Division I school, such as Purdue University, near a large metropolitan city (Indianapolis), offering a strong globally recognizable degree, will stay in high demand over the next decade.
- College enrollment over the past few decades shows almost no correlation to the economy.
- Student enrollment expected to grow 13% over the next 10 years